Digital Financial Reporting

Business Wire reports that the FASB has added a project aimed at establishing a new framework for financial disclosures.  The release starts out:

NORWALK, Conn.--(BUSINESS WIRE)--Robert H. Herz, chairman of the Financial Accounting Standards Board (FASB), today announced the addition of a new FASB agenda project aimed at establishing an overarching framework intended to make financial statement disclosures more effective, coordinated, and less redundant.

Seems like the FASB is warming up to XBRL.  Be sure to read the part which says "... and perhaps facilitate XBRL electronic tagging of information."

Looks like the European Union has got their semantic web going!  I was made aware of SEMIC.EU by a message posted to the Eurofiling mailing list.

SEMIC.EU briefly describes itself on the home page as:

SEMIC.EU is a repository and a coaching service, an information hub and a community building initiative.

There is a great video on the top, right hand side which is a couple of minutes in length which provides a nice little introduction.  The about page as additional information which describes this resource.  This description from the about page provides a little better idea of the purpose of SEMIC.EU:

SEMIC.EU is a participatory platform and a service by the European Commission that supports the sharing of assets of interoperability to be used in public administration and eGovernment

There are already two XBRL resources on SEMIC.EU: COREP and FINREP. (For more information on exactly what COREP and FINREP are, see the EUROFILING web site.

In my view, this is a good example of establishing a supply chain to share information and a sign of things to come.  If anyone is aware of this type of information sharing site in the United States please make me and others aware of it by posting a comment to this blog entry.